What is completion?

Completion is usually also the day you move - in or out as the case may be!  On that day monies are sent electronically between conveyancers and the transfer document is dated to complete the transaction.

Who decides the completion date?

The completion date needs to be agreed by all parties in the chain before exchange. Our top tip is that you should suggest a few dates to your conveyancer and be flexible, rather than fixing rigidly on one date, as finding a date which works for everyone is quite difficult. If you’re having a mortgage, then your conveyancer will factor in how much time your lender needs to send them the mortgage funds and this will also influence the completion date.

If you are using a removal company, it’s also advisable to check the dates prior to exchange to check they can move you!

What time will completion be?

Unless the contract was altered the latest time for completion is 14.00 and if you’re selling you run the risk of a penalty under the contract if you don’t move by this time.

Completion can happen as early as 10am, but it’s highly unlikely that removers will have the emptied a property that early – it usually takes the morning. Usually, completion is after lunch and keys will only be available once monies have been received by the seller’s conveyancer. Keys are either picked up directly from the seller at the property or from the estate agent. If you are unsure, then ask your conveyancer to confirm the key arrangements.

Same day (Simultaneous) Exchange and Completion

Same day exchange and completion is not without risk. Whilst you can exchange and complete on the same day this usually only works for cash buyers without a chain. There have been instances when removal vans have been packed up and sellers have withdrawn. Contracts had not been exchanged and the deal fell through. This requires a high level of trust.

What do I need to do on the day?

Collect the keys and move in! Take a photo of meter readings as evidence, so that your bills start with the right readings. Change the locks as you don’t know who has a key. Once you are a little more settled, make sure you tell everyone your new address, our guide on who to tell you're moving will help you with this.

What could go wrong?

Delayed completion is rare and you’d be unlucky if this happens to you. Failure of electronic banking systems, quarantine due to sickness, or one of the parties to the contract dying has the potential to delay. Should this happen nothing is insurmountable - good communication with all parties will help to solve any issues.